President Obama has named Herbert Allison to head the bailout program.
Allison has known [Treasury Secretary Tim] Geithner for years and served on an advisory council for the Federal Reserve Bank of New York when Geithner was its president.
Allison spent most of his career as an investment banker at Merrill Lynch before becoming president of the Wall Street company in 1997. After losing out on the firm’s top job in 1999, he became national finance chairman for Sen. John McCain’s (R-Ariz.) first presidential campaign. He was chief executive of TIAA-CREF from 2002 to 2008.
Oh boy.